Word: originales
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The incentive payments to modify second mortgages are meant to address a major omission in the original housing plan. Some 50% of at-risk mortgages carry second liens, but before today's announcement, there was no systematic way to deal with that pot of money owed.
Under the original plan, mortgage servicers were paid to reduce homeowners' monthly payments to as little as 31% of gross income - but that only covered first mortgages. This seriously alarmed some investors in mortgage-related securities, since many second mortgages are owned by the same companies that service the loans...
Since the Administration's announcement on March 4 of the specifics of its original plan, 11 servicers, which handle some 75% of the mortgages in the U.S., have signed up to participate. The Administration expects those same servicers to sign up for the second-lien add-on as well. It...
While precise numbers don't exist, anecdote suggests that not too many loans have been restructured under the original plan thus far. That, though, could largely be due to the complexity of implementing a new process - it takes time to change computer systems and train employees. CitiMortgage, the home-lending...
The charming pink-white-and-brown themed décor, nearly identical to that of Sweet’s original Back Bay location, features freshly varnished hardwood floors, café tables by the window, and a flat screen TV displaying Marie Antoinette.